Does the Federal Reserve follow a communication rule? We propose a simple framework to estimate communication rules … communication rules that vary over time, with changes in the rule often being associated with changes in the economic environment …. We also find that shifts in communication rules increase disagreement among professional forecasters and correlate with …

We study communication in ambiguous environments. Agents communicate individual decisions sequentially. Based on the … signal that an agent receives, she revises her private information. When signals are ambiguous, we show that agents may agree …, the decisions differ no matter how long the communication lasts. Such persistent disagreements are precluded in Bayesian …